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Zimbabwe liquidates four failed banks
Four banks that collapsed between 2004 and 2008 have been officially liquidated, marking a significant milestone in Zimbabwe's financial sector. Hopewell Zinyau, Chief Executive Officer of the Deposit...Published: 16 Jun 2025 at 15:08hrs | 16655 | by Staff reporter
Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 306 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's errant bankers must be punished
Vocal Harare political activist and business advocate, Engineer Jacob Mutisi, has called for stringent accountability for bankers and financial institutions involved in the mismanagement and fraudulen...Published: 05 Dec 2024 at 09:19hrs | 1415 | by Staff reporter
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 618 | by Eng. Jacob Kudzayi Mutisi
Zimbabwe banking sector strengthens amid declining non-performing loans
The Reserve Bank of Zimbabwe (RBZ) has reported a significant improvement in the country's banking sector credit risk landscape, marked by a decrease in the ratio of non-performing loans (NPLs) to tot...Published: 24 Nov 2024 at 09:55hrs | 105 | by Staff reporter
RBZ tells Time Bank to reopen 'but don't take deposits'
TIME Bank, one of a dozen domestic financial institutions that collapsed at the height of Zimbabwe's banking crisis between 2004 and 2008, was yesterday given the nod to re-enter the market under rest...Published: 19 Oct 2022 at 06:01hrs | 1 | by Staff reporter
Prophet Isaiah Sovi raises Africa's flag in Dubai
Charismatic Prophet and Businessman Isaiah Brian Sovi has been hailed for being one of the few young businesspersons from Africa who attended the recently held Africa-Dubai Investment summit whic...Published: 01 Oct 2021 at 14:12hrs | 4 | by Mandla Ndlovu
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 13 | by Staff reporter
Obert Mpofu battles to keep assets
The Supreme Court has blocked the Deposit Protection Corporation's bid to submit fresh evidence and re-opening of a case in which it is seeking to transfer Obert Mpofu's three companies into its name....Published: 01 Oct 2020 at 07:41hrs | 2 | by Staff reporter
Failed banks creditors in fix
Creditors of six failed banks that are under final liquidation remain in a fix as the banks' liabilities far outweigh their cumulative assets, figures show. Latest figures from the Deposit Pro...Published: 25 Jul 2019 at 07:45hrs | 1 | by Staff reporter
Closed banks: Depositors to be compensated in Zimdollars
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed.Currently, the Deposit ...Published: 24 Jul 2019 at 08:20hrs | 3 | by Staff reporter
How Obert Mpofu acquired his wealth
A myth has been brewing across Zimbabwe which claims that Obert Mpofu corruptly acquired wealth while he was Minister of Mines and now owns half of Victoria Falls and half of Bulawayo. These old wives...Published: 29 Jun 2019 at 10:54hrs | 45 | by Nicholas Ncube
BCC recovers only $32 000 of the $1 million from Metbank
THE Bulawayo City Council (BCC) has recovered from the Metbank $32 512 of the $1 million it lost after the financial institutions went under a few years ago.The local authority's finance depar...Published: 10 Jul 2018 at 07:26hrs | 11 | by Staff reporter
Obert Mpofu loses property battle
Home Affairs minister, Obert Mpofu, has lost the battle to block the High Court from transferring some of his properties to the Deposit Protection Corporation (DPC) - the liquidator of his now-defunct...Published: 07 Jul 2018 at 16:33hrs | 2 | by Staff reporter
Lawsuits for failed banks executives
THE Deposit Protection Corporation (DPC) has sued directors of four failed banks for lack of corporate governance and abuse of depositors' funds.Last year, the deposit protection entity said t...Published: 25 Jun 2018 at 07:27hrs | 1 | by Staff rpeorter
The RBZ should be separated from politics
In any democratic country, politics is bound to be less stable from time to time as new leaders are voted in office. If not separated, the instability of politics is extended to the financial sector. ...Published: 22 Jun 2018 at 07:31hrs | 6 | by Tryson G. Dube
Obert Mpofu fights to protect assets
Home Affairs minister Obert Mpofu has approached the High Court seeking to block the transfer of his three companies to the Deposit Protection Corporation (DPC) - the liquidator of his now-defunct All...Published: 03 May 2018 at 14:02hrs | 1 | by Staff reporter
Audit unearths rot at Zinara
AN internal forensic audit on the operations of the Zimbabwe National Road Administration (Zinara) has exposed massive financial abuse, including the payment of $71 million and R31 million to contract...Published: 06 Oct 2017 at 06:35hrs | 4 | by Staff reporter
Killer wants Dr Madondo's scalp
Creditors are increasingly frustrated with the slow process of winding down the affairs of failed companies, with the Zimbabwe Amalgamated Housing Association filing a High Court application on June 7...Published: 16 Jul 2017 at 12:59hrs | 1 | by Staff reporter
Obert Mpofu's Allied Bank feels the heat
Liquidator of the collapsed Allied Bank, Cecil Madondo, who is being sued by one of the creditors seeking to recover money locked in the financial institution, has said the Deposit Protection Corporat...Published: 12 Jul 2017 at 12:52hrs | 2 | by Staff reporter
Zivhu fires back at Mliswa
Zimbabwe Amalgamated Housing Association director Mr Killer Zivhu says the Norton Galloway housing development is above aboard and no criminal offence was committed in implementing the project....Published: 14 May 2017 at 15:08hrs | | by Staff reporter
Parliament to investigate Mugabe's nephew?
PARLIAMENT will next month begin another public inquiry into the alleged abuse of a government administered-fund meant to benefit underprivileged youths in a move that could turn into a witch-hunt aga...Published: 28 Apr 2017 at 06:58hrs | | by Staff reporter
Obert Mpofu to lose 50 properties over $2 million debt
MACRO-ECONOMIC Planning and Investment Promotion minister and business tycoon Obert Mpofu is set to lose 50 properties he reportedly surrendered as surety to secure a $2 million loan from CBZ Bank...Published: 15 Mar 2017 at 05:41hrs | 3 | by Staff reporter
Obert Mpofu hit hard times
Proprerty mogul and Macro-Economic Planning and Investment Promotion minister Obert Mpofu is in deep trouble as he is on the verge of losing set 50 properties he reportedly surrendere...Published: 15 Mar 2017 at 04:09hrs | | by Staff Reporter
Depositors of collapsed banks urged to make follow-ups
Depositors of collapsed banks are struggling to submit repayment claims resulting in US$3.3 million being held up at the Deposit Protection Corporation (DPC).The slow response by some depo...Published: 14 Dec 2016 at 13:57hrs | 1 | by Staff reporter
Obert Mpofu's business empire crumbles
MACRO-Economic Planning and Investment Promotion minister Obert Mpofu's business empire has reportedly hit the rocks, with most of his business units facing litigation over non-payment of services...Published: 20 Sep 2016 at 08:48hrs | 1 | by Staff reporter
Trust Bank assets face the hammer
Assets belonging to closed Trust Bank Corporation, which is under liquidation, will next week go under the hammer as the Deposit Protection Corporation (DPC) moves to mobilise funds to compensate ...Published: 18 Aug 2016 at 06:14hrs | 1 | by Staff reporter
Obert Mpofu's trucks attached over debt
THE Sheriff of the High Court has attached eight trucks and some equipment belonging to Macro-Economic Planning and Investment Planning Minister, Obert Mpofu, over an undisclosed debt owed to a Harare...Published: 10 Mar 2016 at 06:04hrs | 1 | by Staff reporter
Account holders with closed banks to be paid by April
THE Deposit Protection Corporation (DPC) and the Reserve Bank of Zimbabwe (RBZ) have finished compiling the list of Zimbabwe dollar account holders whose money was locked in banks that were closed aft...Published: 07 Feb 2016 at 08:13hrs | 1 | by Roberta Katunga
Look East Africa Mr President Sir!
If the so called statesman, President Robert Mugabe was like 'The Bulldozer' in his 35 years rule, Zimbabwe could be by now next to none in Africa in the area of opulence. If all African presidents we...Published: 27 Nov 2015 at 11:53hrs | 9 | by Godwin Tshetu Mupakairi
South African lender Nedbank expands its footprint in Zimbabwe
South African lender Nedbank is expanding its footprint in Zimbabwe, despite the economic turbulence, which the company is sizing up to determine if it can avail more funding facilities for on-lending...Published: 11 Nov 2015 at 21:29hrs | 1 | by Tawanda Karombo
Obert Mpofu to fight $16 million lawsuit
Macro-economic Planning and Investment Promotion Minister Obert Mpofu, who is facing a $16 million lawsuit for failing to surrender immovable assets to the liquidator of his defunct Allied Bank Limite...Published: 29 Sep 2015 at 06:35hrs | | by Fidelis Munyoro
Obert Mpofu slapped with $16 million lawsuit
THE Minister of Macro-economic Planning and Investment Promotion, Obert Mpofu, has been slapped with a $16 million lawsuit f...Published: 14 Sep 2015 at 04:55hrs | | by Fidelis Munyoro
Obert Mpofu's empire collapses
TRANSPORT minister Obert Mpofu's business empire in Hwange has crumbled after several of his operations in the mining town either closed down or relocated to Victoria Falls.Mpofu's Minus resta...Published: 01 Aug 2015 at 13:28hrs | | by Staff reporter
Econet and Steward Bank: Corporate bullying with a huge stink
I HATE bullies, be they human or corporate. Their intention is to instill the fear of God, mainly to avoid scrutiny. I had this feeling about Econet Wireless and Steward Bank in the past few weeks aft...Published: 15 Apr 2015 at 08:23hrs | 1 | by Eliphas Taonezvi
Banker Mukupe turns to politics
Collapsed Allied Financial Holdings (AFH) former chief executive Terence Mukupe has turned to politics and is eyeing the Harare East parliamentary seat under the Zanu-PF ticket.Mukupe is expec...Published: 06 Apr 2015 at 22:01hrs | | by Staff reporter
Big wigs suck Zimbabwe banks dry
The majority of banks that folded over the past five months choked on souring loans extended to top executives and serial debtors, The Sunday Mail reported.AfrAsia is the latest victim of toxi...Published: 22 Mar 2015 at 07:09hrs | 2 | by Staff Reporter
Chanakira mourns AfrAsia collapse
KINGDOM Bank founder Nigel Chanakira says the collapse of AfrAsia Bank - an institution he moulded to iconic status - is a sad development in the history of the financial service institutions in Zimba...Published: 27 Feb 2015 at 10:35hrs | 1 | by Charity Ruzvidzo
Jonathan Moyo mocks Obert Mpofu
Information Media and Broadcasting Services minister Professor Jonathan Moyo has poked fun at Transport minister Obert Mpofu following an announcement that his The Zimbabwe Mail newspaper was changi...Published: 17 Feb 2015 at 19:01hrs | | by Staff Reporter
Mugabe destined to leave Zimbabwe without currency
PRESIDENT Robert Mugabe (91 next week) appears destined to leave the country whenever he would go without its own local currency amid clear indications by the Reserve Bank of Zimbabwe (RBZ) governor ...Published: 13 Feb 2015 at 14:47hrs | 2 | by Kudzai Kuwaza
Zimdollars accounts to be compensated
THE Reserve Bank of Zimbabwe is coming up with a formula to calculate how Government can compensate individuals with Zimbabwe dollars locked in accounts after the country adopted the use of multi-curr...Published: 08 Feb 2015 at 11:19hrs | | by Gabriel Masvora and Ngonidzashe Chiutsi
Another bank faces collapse
TETRAD Investment Bank has been placed under judicial management after the financial institution fell short of funds to run its daily operations.The bank is part of Tetrad Holdings group compr...Published: 03 Feb 2015 at 06:56hrs | 1 | by Staff reporter
'Bank closures normal,' says RBZ boss
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the numerous bank closures seen in recent years are normal in tough economic environments and insisted that the country's banking sector rem...Published: 27 Jan 2015 at 11:47hrs | 2 | by Staff reporter
Obert Mpofu fails to pay workers
IT never rains but pours for Transport minister Obert Mpofu as only a week after his Allied Bank was closed, it has emerged that his other company, Trebo and Khays, is failing to pay more than 100 gu...Published: 16 Jan 2015 at 07:28hrs | | by Staff reporter
Obert Mpofu's bank property attached over $1.5 million debt
Allied Bank's fortunes have taken a turn for the worse with property from 5 Harare branches being attached by the deputy sheriff's office over a US$1.5 million debt.The closure of Allied Bank,...Published: 09 Jan 2015 at 20:01hrs | | by Staff reporter
Obert Mpofu's bank collapses
HARARE - The troubled Allied Bank has reportedly surrendered its banking licence after failing to inject more capital to keep it afloat due to economic hardship.In a statement, the RBZ sa...Published: 08 Jan 2015 at 19:30hrs | | by Staff Reporter
'Prove me corrupt first,' says Obert Mpofu
TRANSPORT minister Obert Mpofu, who has had several allegations of graft levelled against him, has challenged the media to prove the alleged corrupt activities first before implicating him in any sh...Published: 08 Jan 2015 at 10:18hrs | | by Staff reporter
'Zimdollar return suicidal,' says RBZ boss
Government should not reintroduce the Zimbabwe dollar as this amounts to economic suicide, central bank boss John Mangudya warned.In his maiden mid-term monetary policy statement presentation ...Published: 29 Aug 2014 at 12:12hrs | | by Taurai Mangudhla
'Zimdollar return not a realistic option'
The reintroduction of the Zimbabwe dollar is not a realistic option available to this country in the short to medium term given the compelling need to increase liquidity in the economy, the Bankers A...Published: 08 May 2014 at 05:43hrs | | by Golden Sibanda
Health disaster looms in Bulawayo
Bulawayo Municipality and industries are discharging 35 million litres of raw sewage and hazardous effluent directly into the Umguza catchment per year, which has been linked to the incidence of seri...Published: 07 May 2014 at 07:48hrs | | by Takunda Maodza
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